IN&M has not extended the deal, which is believed to be peculiar to the Irish tax system, to its UK titles. However, staff at the Sunday World – which has offices in Dublin and Belfast – have been included in the pay cut.

Staff at IN&M titles including the Irish Independent, the Evening Herald and the Sunday Independent have now accepted the deal – which includes tax benefits on money made from the sale of shares.

But journalists at the Kerryman and Corkman titles have voted to reject the offer.

Under the deal, staff earning between â‚¬40,000 and â‚¬50,000 are taking a 2.5 per cent pay cut, staff earning more than â‚¬50,000 are taking a five per cent cut and those on more than â‚¬100,000 are taking a 10 per cent cut.

NUJ Ireland organiser Seamus Dooley was at the Kerryman office this afternon negotiating with management over the proposals to cut two editorial jobs.

He said: “It seems an extraordinary coincidence that they should target editorial jobs at the one title where management’s pay cut plans have been resisted.”